The IPO market is heating up in 2026 – with new records set during the 2nd quarter of this year. And SpaceX may trigger Mega IPOs from Anthropic and OpenAI.
Quantum computing IPOs have already seen gains of 187%, 413% and even 1,332%. One new quantum security Pre-IPO could be the next big winner.
Forty-eight companies went public and raised a combined $104.8 billion — the biggest quarter for IPO proceeds since 2021. Strip out SpaceX and it was still nearly $30 billion, a healthy number on its own.
SpaceX (Nasdaq: SPCX) captured most of the attention and IPO headlines.
Elon Musk's company raised $75 billion — more than every US IPO from the prior two years combined — and listed at a $1.7 trillion market cap. It rose 19% on day one and has held well above its offer price since.
The broader market was genuinely strong. Ten IPOs raised $1 billion or more, the most in a single quarter since 2021. The larger deals averaged a 20% return. And the Renaissance IPO Index gained 42% for the quarter, nearly triple the S&P 500's 15%.
The next quantum security stock is preparing a FINAL Pre-IPO financing. Just go here now – I expect this deal will be oversubscribed.
Here's what stands out and lessons to take away.
#1. The IPO pop can fade.
Cerebras popped 68% on day one — the biggest first-day jump for a $5 billion-plus deal since 2000 — but has drifted back to single-digit gains. X-Energy popped 27%, then turned negative. Buying at the offer price is a very different bet than chasing the opening trade.
#2. Biotech quietly won.
While everyone watched AI and defense, healthcare produced the deepest bench of winners. Six of the top ten are biotechs. The headlines went elsewhere, but this is where investors quietly did best.
Here are the quarter's ten best performers, measured by total return since IPO:
Hemab Therapeutics (COAG) — Health Care — +107%
Avalyn Pharma (AVLN) — Health Care — +61%
Alamar Biosciences (ALMR) — Health Care — +56%
Kardigan (KARD) — Health Care — +53%
Arxis (ARXS) — Defense — +52%
Parabilis Medicines (PBLS) — Health Care — +52%
Doncasters Group (DPC) — Industrials — +46%
Madison Air (MAIR) — AI infrastructure — +33%
Kailera Therapeutics (KLRA) — Health Care — +31%
The Metals Royalty Co. (TMCR) — Materials — +28%
Now let’s take a look at what's ahead in Q3.
The pipeline is loaded. Q2 was the busiest quarter for sizable new filings since 2021, and the backlog is churning.
Both Anthropic and OpenAI filed confidentially during the quarter – setting the stage for two additional Mega IPOs before the end of the year. Plus, the quarter just kicked off with Korea's memory-chip leader SK Hynix.
SpaceX's smooth debut matters here too. A deal that size going off without a hiccup lowers the risk for the next mega IPOs that will follow.
The one thing I'll be watching: whether the window widens beyond AI and defense. If consumer, software, and long-private unicorns start joining the party, Q3 could top what we just saw. The setup is the best it's been in years.
Do you want to invest in stocks – right before the IPO?
My newest and favorite Pre-IPO is a quantum computing security company. It could be critical to securing banks, digital assets, medical records, and our nation’s infrastructure and defense systems from quantum computing threats.
The company is preparing to raise a FINAL Pre-IPO financing.
Ian Wyatt
Editor, IPO Watch